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Last updated: August 06. 2014 9:16PM - 227 Views

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First Century Bankshares, Inc., Bluefield, West Virginia, (OTCBB - FCBS), announced earnings of $819,000 for the three-month period ending June 30, 2014. This represents an increase of approximately 6.4% from the $770,000 earned during the same period in 2013. On a per share basis, net income was $0.43 per diluted share for the three-month period ended June 30, 2014, compared to $0.40 per diluted share for the quarter ended June 30, 2013.


On July 15, 2014, the Board of Directors declared the second quarter dividend to shareholders. The Board declared a dividend in the amount of $0.19 per common share. This is an increase of 5.6% in the regular dividend of $0.18 per common share declared for the second quarter of 2013. The dividend is payable to shareholders of record August 5, 2014, and is expected to be paid on or about August 15, 2014.


Net interest income, for the three-month period ended June 30, 2014 was $3,202,000, an increase of $146,000, or 4.8%, as compared to $3,056,000 for the second quarter of 2013. This increase was primarily the result of a higher level of earning assets deployed in loans and investments while interest expense remained essentially unchanged during the period. Net interest income to average total assets for the three months ended June 30, 2014 and 2013 was 3.14% and 2.91%, respectively.


Noninterest income was $1,334,000 for the three-month period ended June 30, 2014 and represented a decrease of $37,000, or 2.7%, compared to $1,371,000 for the same period in 2013. Increases in fiduciary fees and service charges on deposit accounts were more than offset by a reduction in other noninterest income of 17.7%, primarily due to a decrease in mortgage origination and servicing income of $37,000 during the period.


Noninterest expense of $3,295,000 for the quarter ended June 30, 2014 represented a small increase of $15,000, or 0.5%, from $3,280,000 for the same period in 2013. Personnel expense decreased 2.9% or $44,000. Premises and equipment expense increased due to higher maintenance costs. Other noninterest expense increased primarily due to higher costs of loan collection and other real estate owned.


The provision for loan losses was $45,000 for the three months ended June 30, 2014. This was an increase of $26,000, or 136.8%, compared to the provision of $19,000 for the same period in 2013.


Earnings for the three-month periods ended June 30, 2014 and June 30, 2013, reflect an annualized return on average assets (ROAA) of 0.80% and 0.73%, respectively. Also, these earnings reflect an annualized return on average equity (ROAE) of 7.44% and 7.34% for the periods ending June 30, 2014 and 2013, respectively.


Net income was $1,499,000 for the six-month period ending June 30, 2014. This represents a


1.4% increase from the $1,479,000 earned during the same period in 2013. On a per share basis, net income increased to $0.79 per diluted share for the six-month period ended June 30, 2014, from $0.78 per diluted share for the six-month period ended June 30, 2013. The same factors that impacted second quarter earnings were also the primary drivers of earnings for the first half of 2014 when compared to the first half of 2013.


Net interest income, for the six-month period ended June 30, 2014 was $6,334,000, an increase of $240,000, or 3.9%, as compared to $6,094,000 for the first six months of 2013. Net interest margins for the six months ended June 30, 2014 and 2013 were 3.09% and 2.91%, respectively.


Noninterest income was $2,611,000 for the six-month period ended June 30, 2014 and represented a decrease of $181,000, or 6.5%, compared to $2,792,000 for the same period in 2013. Again, increases in fiduciary fees of 4.3% and service charges on deposit accounts of 3.3% offset reductions in other noninterest income primarily attributable to mortgage origination and servicing income which declined $170,000 during the period .


Noninterest expense of $6,933,000 for the six-months ended June 30, 2014 represented an increase of $280,000, or 4.2%, from $6,653,000 for the same period in 2013.


The provision for loan losses reflected the reduction in the allowance for loan losses for specific reserves associated with certain impaired credits as charge-offs were taken during the period. This reduction resulted in the provision being a positive to earnings of $165,000 for the six months ended June 30, 2014. Net charge-offs for the six-month period ended June 30, 2014 were $1,018,000 compared to $237,000 for the same period in 2013.


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